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Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
 24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
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Cape 5TC daily average @ 51,472
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Kamsarmax 82 daily average @ 34,615
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Supramax 58 daily average @ 36,774
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Handysize 38 daily average @ 33,981
If at the beginning of the year 2021, around the period of Chinese Lunar Year, anyone would have predicted that by the middle of August during the peak of Northern Hemisphere summer, the market would have reached the above levels, everybody would laugh.
By the 4th of February 2021, the sub-Cape market had already spiked; the Panamax index was at 1,629 points and Supramax index at 1,139 points, with the first quarter of 2021 averaging well above Q42020 levels. The Capesize 5TC index averaged $17,054/day down -1.0% compared to Q42020, while the Panamax Tess 82 5TC index averaged $18,201 up +51.0% during the same period. Everyone at that time was surprised with the counter seasonal market rise driven by the smaller sizes, as well as the rise in asset values compared to September 2020 and commented that ships had gotten too expensive. Well, what can we say about the prices of today then?
In September 2020 a Panamax bc blt 2006 MV ELENA II with surveys due in q1 2021 had been concluded at low 8s. For comparison, in February MV AJAX got usd low 10s with surveys due promptly. As of the end of July, the 2007 blt MV CANEA got sold at rgn usd 17.7m.
We see similar asset value increases also in 2012 blt units with MV CORAL AMBER 78k dwt BWTS fttd getting mid-high 14s in December and sister ship CORAL AMETHYST without BWTS getting as usd 16/low 16s by the end of January. As of end of June, an exact sister ship 2013blt MV KAGARA got sold at usd 22m and a 2014blt MV ORIENT GENESIS at 23m. Today these 2 ships would expect to get more.
For younger tonnage with an electronic engine built in Japan, we have not seen much activity, last concluded sale being in May, MV IOANNA L built 2017 Tsunesishi Zhoushan at about 29m, but clearly at same levels a potential buyer cannot do repeat deal and generally the supply of such modern ships in the market has been limited for some time amid sellers holding for much better numbers and/or taking advantage of the lucrative daily earnings.
Even for the older units of about 20 years of age, owners now asking levels of about usd 12m or more for 2000/2001blt vessels. The calculations shipowners are making on such vessels is quite simple: They factor in how much the ship will earn basis today’s rates for one year i.e. about USD 7,5m then they add on top the demo value, about USD 5m. So the price comes in excess of USD12m. Similar asset value levels were observed in mid-2010, however it could also be a De Ja Vu of the year 2004, at the beginning of the previous boom, when 20 years old Panamaxes were fetching similar prices.
Let’s see how long the current boom will last. We all hope that It will last for long.
By Costas Hardalis,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- The University of Queensland
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Australian Coal Association
- Videocon Industries ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Independent Power Producers Association of India
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